As per the independent research organization tax foundation, Florida has the lowest tax burden in the country for decades. For 2013, Florida will bear the fifth-lowest tax burden on its residents and businesses. Not all taxes are equivalent, and the state collects in various ways that residents should know about.
The power of low tax burden in Florida comes from the absence of income tax, making seven such states in the United States. The state constitution has imposed a ban on the tax even though the fluorides are still liable to pay the union income tax. You can find more details on auto enquiry loans on the site www.embassyloans.com.
The government levies a 6% tax rate on sales or rentals of goods and offers a few exceptions, such as groceries and drugs. The counties can impose a local tax on top of the state amount, and most 67 Florida countries added local sales tax in 2012 to state tax. The highest added to sales tax was 1.5% in 7 countries in 2012. In the countries that bring the total sales tax to 7.5%, it will rise to 8 counties in 2013 to make a complete list of additional sales tax rates by the county, visit the revenue department.
Corporate Income Tax
While the individual is not required to pay income tax, it is not suitable for all types of businesses in Florida. Without a discount, the corporate income tax returns should be filed in Florida by corporations and artificial entities that conduct business or receive income in Florida, including corporations outside the state. They must file returns even if no tax is payable. The sole proprietorship, the individuals, the deceitful estates, and the will trusts are exempt and need not be refunded. S corporations are generally exempted unless the federal income tax is outstanding. Florida’s corporate income tax rate is 5.5%.